A new Companies (Amendment) Bill 2023 (“2023 CA Bill”) was tabled for its first reading at the Malaysian Parliament. The 2023 CA Bill purports to further augment corporate transparency and accountability, and as such, introduces, among other things, new legal requirements in the CA 2016 for Malaysian companies to collate and report beneficial ownership information to the Companies Commission of Malaysia. In this article, we explore the mandatory reporting requirements proposed under the 2023 CA Bill and their potential implications on the wealth management industry.